| Metric | Value |
| Global Headquarters | 3000 North Sam Houston Parkway East, Houston, Texas |
| Total Operating Revenue (2025) | $22.184 billion |
| Net Income Attributable to Company | $1.283 billion |
| Basic Earnings Per Share (EPS) | $1.50 |
| Diluted Earnings Per Share (EPS) | $1.50 |
| Cash Flows from Operating Activities | $2.926 billion |
| Total Capital Expenditures | $1.254 billion |
| Total Assets | $25.010 billion |
| Total Liabilities | $14.505 billion |
| Company Shareholders’ Equity | $10.461 billion |
| Cash and Cash Equivalents | $2.206 billion |
| Total Long-Term Debt | $7.158 billion |
| Research & Development Expense | $411 million |
| Global Employees | Over 46,000 |
| Nationalities Represented | 146 |
| Countries of Operation | 70+ |
| Dividends Paid to Shareholders | $579 million |
| Shares Repurchased (2025) | 42.4 million shares ($1.008 billion) |
| Outstanding Shares | 837,548,345 |
| Total Worldwide Rig Count Average | 1,816 |
Company overview
The enterprise operates as one of the world’s largest and most technologically advanced providers of specialized products and services to the global energy industry. Operating across a massive international footprint spanning more than 70 countries, the organization deploys a highly diversified workforce exceeding 46,000 personnel representing 146 distinct nationalities. The overarching corporate value proposition focuses strictly on collaborating with major, national, and independent oil and natural gas producers to engineer solutions that maximize asset value throughout the entire lifecycle of a hydrocarbon reservoir. This encompasses every critical phase of energy extraction: from initially locating hydrocarbons and managing complex geological datasets, to precision drilling, formation evaluation, sophisticated well construction, completion, and the ultimate optimization of field production.
Operational execution is driven by a deep-rooted culture of unparalleled service and extreme technological innovation. The enterprise is uniquely positioned to deliver low-cost, high-efficiency energy solutions while simultaneously advancing a sustainable energy future. Financial discipline remains a central pillar of the organizational strategy, evidenced by the meticulous management of capital expenditures, which were successfully held at approximately 6% of total revenue. A robust capital return framework dictates a primary goal of returning at least 50% of annual free cash flow directly to shareholders. This commitment was realized through the return of $1.6 billion in capital via steady dividends and aggressive share repurchases.
The corporate structure navigates a highly dynamic macroeconomic environment characterized by fluctuating commodity prices, shifting geopolitical landscapes, and a rapidly electrifying global economy. To maintain market dominance, the organization is accelerating the deployment of digital and automation technologies—both internally through a massive SAP S4 system migration and externally for customers. Furthermore, the enterprise is actively addressing the energy transition by expanding its low-carbon energy business, supporting early-stage clean energy companies through established innovation labs, and forging strategic collaborations focused on behind-the-meter power generation to support the explosive energy demands of global data centers.
Commitment to health, safety, and environmental (HSE) excellence is institutionalized through established long-term safety programs. The operational discipline embedded within the management system enabled the enterprise to significantly outperform industry group HSE indicators, achieving a total recordable incident rate of 0.24 (incidents per 200,000 hours worked), a lost-time incident rate of 0.07, and a preventable recordable vehicle incident rate of 0.07 (incidents per million miles traveled).
Business segments
Operations are vertically integrated and divided into two primary reporting segments. These divisions provide the specialized technical foundation, hardware, chemistry, and digital architecture required to execute the most complex energy extraction projects worldwide.
Completion and Production
Revenue: $12.782 billion
Percentage of Total Revenue: 57.62%
Operating Income: $2.128 billion
Operating Margin: 16.6%
The Completion and Production segment operates as the largest revenue-generating and highest-margin division within the enterprise. It is explicitly engineered to deliver the vital services, specialty chemicals, and advanced mechanical tools required to finalize well construction, stimulate reservoirs, and optimize the continuous flow of hydrocarbons throughout the productive life of the asset.
- Operational Scope: This segment deploys highly capital-intensive and technologically complex services including cementing, stimulation (hydraulic fracturing and acidizing), specialty chemicals formulation, well intervention, pressure control, and artificial lift mechanisms. It is the critical engine for unlocking vast reserves in unconventional shale basins as well as maximizing ultimate recovery from mature, declining conventional fields globally.
- Strategic Market Focus: A primary objective within this division is maximizing asset value through technological substitution and emissions reduction. The enterprise is aggressively deploying the Zeus IQ electric fracturing platform to structurally lower operational costs and carbon intensity for customers. The organization successfully achieved a major milestone by transitioning 50% of its North American fracturing fleet to these advanced Zeus electric pumps.
- Portfolio Adjustments: Management continually evaluates the portfolio to ensure optimal capital allocation. As part of this discipline, a strategic decision was finalized to market a portion of the Multi-Chem specialty chemicals business for sale, with the transaction expected to be completed in the first half of 2026.
Drilling and Evaluation
Revenue: $9.402 billion
Percentage of Total Revenue: 42.38%
Operating Income: $1.379 billion
Operating Margin: 14.6%
The Drilling and Evaluation segment provides the critical subsurface data, engineered fluids, dynamic modeling, and precise wellbore placement solutions that enable customers to safely and efficiently drill and construct highly complex wells in the most extreme terrestrial and offshore environments.
- Operational Scope: This segment encompasses field and reservoir modeling, advanced directional drilling systems, drill bits, engineered drilling fluids, and dynamic formation evaluation. It relies heavily on proprietary acoustic, nuclear, and electromagnetic sensor technologies deployed via wireline or logging-while-drilling (LWD) configurations to map complex geological formations with absolute accuracy.
- Strategic Market Focus: Growth is heavily driven by international expansion and the resurgence of long-cycle offshore deepwater projects. The division is deeply focused on driving differentiation through the deployment of autonomous technologies. Utilizing advanced rotary steerable systems and automation software, the segment ensures exact wellbore placement while drastically reducing the time required to reach target depths, thereby lowering the total cost of well construction for the operator.
History and evolution
The enterprise’s legacy spans over a century, originating from foundational breakthroughs in well cementing and fluid dynamics. The predecessor organization was formally established in 1919 and subsequently incorporated under the laws of the State of Delaware in 1924. What began as a localized operation relying on a single service from a single location has methodically evolved into a sophisticated, global technology conglomerate.
Over the decades, the organization expanded its defensive technological moat through aggressive internal research and engineering, complemented by strategic structural realignments. The journey from rudimentary mechanical well interventions to cloud-based digital architecture and autonomous drilling underscores a relentless focus on solving the industry’s most complex challenges.
- Digital Transformation: The enterprise is currently undergoing a massive internal technological evolution. Beginning in 2023, a comprehensive migration to the SAP S4 digital framework was initiated to unlock profound operational efficiencies, generate cost savings, and provide advanced predictive analytics. This multi-year transformation requires significant capital investment but is projected to structurally modernize the entire global supply chain and administrative backbone.
- Sustainability and the Energy Transition: Recognizing the shifting global energy paradigm, the organization established dedicated innovation incubators to foster clean energy development. It currently maintains 38 participant and alumni organizations within its energy transition labs. Furthermore, the enterprise formed strategic alliances focused on power generation, specifically targeting the intersection of natural gas and digital infrastructure to support the explosive energy demands of the modern economy.
- Safety and Operational Discipline: The historical evolution is equally defined by a stringent commitment to workforce safety. Programs such as the “Journey to ZERO” initiative have been institutionalized over decades, transitioning the corporate culture to prioritize proactive risk identification and the elimination of all workplace incidents.
Products and services
The product and service ecosystem addresses every discrete phase of energy extraction, bridging the gap from subsurface geological mapping to surface production pipelines.
Production Enhancement
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Provides critical stimulation services, universally known as hydraulic fracturing and acidizing. This service utilizes massive fleets of pressure pumping equipment to inject fluid and proppant (primarily sand) into dense rock formations, creating highly conductive fractures that maximize reservoir production.
Cementing
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Involves pumping specially formulated cement slurries to bond the well casing to the geological formation. This process isolates discrete fluid zones, prevents the migration of hydrocarbons into freshwater aquifers, and ensures absolute wellbore stability. This product line also provides associated casing equipment.
Artificial Lift
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Maximizes reservoir recovery in mature and declining fields by applying mechanical lifting technologies. This includes advanced electrical submersible pumps (ESPs), intelligent field management solutions, and related services applied throughout the declining life of the well.
Completion Tools
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Provides specialized downhole hardware essential for the final stages of well construction. The portfolio includes intelligent well completions, liner hanger systems, multilateral systems, advanced sand control mechanisms, and proprietary service tools.
Multi-Chem
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Delivers highly customized specialty chemicals designed to optimize flow assurance and protect pipeline integrity. These chemical formulations prevent the buildup of restrictive organic and inorganic scales across completion, production, midstream, and downstream operations.
Pipeline & Process Services
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Offers an exhaustive suite of pre-commissioning, commissioning, maintenance, and decommissioning services for both onshore and massive offshore pipeline and process plant infrastructure.
Production Solutions
Revenue Contribution: Consolidated within the $12.782 billion Completion and Production segment (57.62% of Total Revenue).
Executes highly customized well interventions designed to restore or enhance well performance without requiring a full drilling rig. Services utilize coiled tubing, hydraulic workover units, specialized downhole tools, and nitrogen pumping operations.
Sperry Drilling
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
Provides state-of-the-art directional control for precise wellbore placement. Services include sophisticated directional and horizontal drilling, measurement-while-drilling (MWD), logging-while-drilling (LWD), surface data logging, and integrated rig site information systems.
Baroid
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
Engineers sophisticated drilling fluid systems, completion fluids, performance additives, and solids control technologies. It also provides specialized testing equipment and comprehensive waste management services vital for maintaining hydrostatic pressure and well control during the drilling phase.
Wireline and Perforating
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
Deploys specialized sensors via wireline cables to provide open-hole and cased-hole logging. These services supply critical formation lithology data, rock properties, and reservoir fluid analysis. The service line also executes explosive perforating to pierce the casing and initiate the flow of hydrocarbons, alongside pipe recovery and casing integrity measurements.
Landmark Software and Services
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
The digital backbone of the enterprise, providing cloud-based software, artificial intelligence solutions, and an open digital architecture. This platform is utilized globally by operators for deep subsurface insight, integrated well construction planning, and comprehensive reservoir and production management.
Testing and Subsea
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
Acquires dynamic reservoir data and provides modular, scalable subsea safety systems that simplify complex offshore operations. The portfolio includes fluid sampling, surface well testing, and advanced managed pressure drilling (MPD) solutions such as underbalanced drilling and continuous circulating systems.
Drill Bits and Services
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
Manufactures and deploys high-performance roller cone bits, fixed cutter bits, hole enlargement tools, and formation coring equipment designed to physically crush and extract rock properties for evaluation.
Halliburton Project Management
Revenue Contribution: Consolidated within the $9.402 billion Drilling and Evaluation segment (42.38% of Total Revenue).
Executes integrated asset management and project management contracts. This division takes holistic responsibility for solving customer challenges by leveraging the enterprise’s entire suite of well construction, completion, and intervention services throughout the entire well lifecycle.
Brand portfolio
The enterprise operates a highly regarded portfolio of technical brands that define industry standards for reliability, digital integration, and mechanical performance.
Baroid
A universally recognized brand synonymous with premier drilling fluids, solids control, and environmental waste management.
Revenue Contribution: Consolidated within the Drilling and Evaluation segment (42.38%).
Sperry Drilling
The flagship brand for directional drilling, MWD, and LWD technologies, critical for navigating complex geological trajectories.
Revenue Contribution: Consolidated within the Drilling and Evaluation segment (42.38%).
Landmark
The premier digital software brand providing the industry’s most advanced cloud-based geological and reservoir modeling environments.
Revenue Contribution: Consolidated within the Drilling and Evaluation segment (42.38%).
Multi-Chem
A specialized chemical brand focusing exclusively on production chemistry, asset integrity, and flow assurance.
Revenue Contribution: Consolidated within the Completion and Production segment (57.62%).
Zeus
The cutting-edge brand representing the transition to fully electric, lower-emission hydraulic fracturing pumping systems.
Revenue Contribution: Consolidated within the Completion and Production segment (57.62%).
iCruise
The advanced, intelligent rotary steerable system brand utilized for autonomous and highly precise directional drilling.
Revenue Contribution: Consolidated within the Drilling and Evaluation segment (42.38%).
LOGIX
The proprietary automation software platform that integrates with mechanical drilling hardware to reduce time-to-depth and minimize human intervention.
Revenue Contribution: Consolidated within the Drilling and Evaluation segment (42.38%).
Geographical presence
Operations are heavily diversified across four primary geographic theaters. This extensive global footprint insulates the enterprise from localized economic or political volatility and allows for the rapid deployment of resources to high-growth basins.
North America
Revenue: $9.066 billion | Percentage of Total Revenue: 40.87%
- Regional Breakdown & Footprint: Representing the largest single market, operations in this region are heavily leveraged toward U.S. Land unconventionals (shale) and deepwater Gulf of America projects. The United States alone generated 39% of total consolidated revenue. Operations also extend extensively throughout Canada. Key manufacturing and executive facilities are concentrated in Houston, Texas; Duncan, Oklahoma; and Lafayette, Louisiana.
- Operational Profile: The market experienced a 6% revenue contraction primarily due to a lower average U.S. Land rig count (averaging 546 rigs) and lower completion tool sales in the Gulf of America. However, this was partially offset by improved stimulation activity offshore and higher completion tool sales in Canada (which averaged 175 rigs).
Middle East/Asia
Revenue: $5.832 billion | Percentage of Total Revenue: 26.29%
- Regional Breakdown & Footprint: The largest international theater, characterized by massive conventional reservoirs and long-cycle development projects. Major operations run through Saudi Arabia, the United Arab Emirates, Kuwait, Malaysia, and India. Critical shared corporate facilities and operational hubs are located in Dhahran, Dubai, Kuala Lumpur, and Singapore.
- Operational Profile: Revenue decreased by 4%, heavily impacted by lower activity across multiple product service lines in Saudi Arabia and Malaysia. These declines were buffered by improved activity in Kuwait, higher stimulation execution in India, and increased fluids services in the United Arab Emirates.
Latin America
Revenue: $3.935 billion | Percentage of Total Revenue: 17.74%
- Regional Breakdown & Footprint: A dynamic market with a heavy focus on deepwater developments in Brazil, and complex, integrated operations in Argentina, Mexico, and the Caribbean. The region features significant physical infrastructure, including major corporate and support facilities in Rio de Janeiro, Brazil, and Panama City, Panama.
- Operational Profile: The region saw a 7% revenue decrease resulting from lower activity in Mexico and lower completion tool sales in Brazil. This was partially offset by improved multi-line activity in Brazil and higher drilling-related services in Argentina and the Caribbean.
Europe/Africa/CIS
Revenue: $3.351 billion | Percentage of Total Revenue: 15.11%
- Regional Breakdown & Footprint: A technologically advanced and operationally complex region. Operations span the harsh offshore environments of the North Sea (Norway and the UK) down to critical deepwater and conventional developments in Angola, Congo, Senegal, and Namibia. Major facilities include technology and corporate centers in London, England; Arbroath, United Kingdom; and Tananger, Norway.
- Operational Profile: The region was the sole geographic growth engine, posting a 12% revenue increase. Growth was driven by higher activity in Norway and Romania, increased stimulation in Congo, higher project management in Africa, and improved well construction in Namibia.
Profit and loss
| Consolidated Statements of Operations | 2025 ($ millions) | 2024 ($ millions) | 2023 ($ millions) |
| Revenue: Services | 15,729 | 16,348 | 16,483 |
| Revenue: Product sales | 6,455 | 6,596 | 6,535 |
| Total revenue | 22,184 | 22,944 | 23,018 |
| Operating costs and expenses: | |||
| Cost of services | 13,611 | 13,470 | 13,402 |
| Cost of sales | 5,089 | 5,173 | 5,256 |
| Impairments and other charges | 831 | 116 | – |
| General and administrative | 239 | 239 | 226 |
| SAP S4 upgrade expense | 154 | 124 | 51 |
| Total operating costs and expenses | 19,924 | 19,122 | 18,935 |
| Operating income | 2,260 | 3,822 | 4,083 |
| Interest expense, net of interest income | (352) | (353) | (395) |
| Argentina currency impact | – | (131) | – |
| Loss on Blue Chip Swap transactions | (9) | (8) | (110) |
| Other, net | (128) | (227) | (84) |
| Income before income taxes | 1,771 | 3,234 | 3,363 |
| Income tax provision | (479) | (718) | (701) |
| Net income | 1,292 | 2,516 | 2,662 |
| Net income attributable to noncontrolling interest | (9) | (15) | (24) |
| Net income attributable to company | 1,283 | 2,501 | 2,638 |
| Basic net income per share | 1.50 | 2.84 | 2.93 |
| Diluted net income per share | 1.50 | 2.83 | 2.92 |
Balance sheet
| Consolidated Balance Sheets | 2025 ($ millions) | 2024 ($ millions) |
| ASSETS | ||
| Current assets: | ||
| Cash and equivalents | 2,206 | 2,618 |
| Receivables (net of allowances for credit losses) | 4,942 | 5,117 |
| Inventories | 3,040 | 2,976 |
| Other current assets | 1,210 | 1,671 |
| Total current assets | 11,398 | 12,382 |
| Property, plant, and equipment (net) | 5,261 | 5,113 |
| Goodwill | 2,938 | 2,838 |
| Deferred income taxes | 2,298 | 2,339 |
| Operating lease right-of-use assets | 938 | 1,022 |
| Other assets | 2,177 | 1,893 |
| Total assets | 25,010 | 25,587 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 3,133 | 3,189 |
| Accrued employee compensation and benefits | 767 | 711 |
| Income taxes payable | 375 | 449 |
| Taxes other than income | 328 | 291 |
| Current portion of operating lease liabilities | 263 | 263 |
| Current maturities of long-term debt | – | 381 |
| Other current liabilities | 1,184 | 304 |
| Total current liabilities | 6,050 | 5,588 |
| Long-term debt | 7,158 | 7,160 |
| Operating lease liabilities | 798 | 712 |
| Employee compensation and benefits | 414 | 428 |
| Other liabilities | 619 | 617 |
| Total liabilities | 14,505 | 15,039 |
| Shareholders’ equity: | ||
| Common stock, par value $2.50 per share | 2,659 | 2,662 |
| Paid-in capital in excess of par value | 112 | 79 |
| Accumulated other comprehensive loss | (363) | (353) |
| Retained earnings | 15,036 | 14,332 |
| Treasury stock, at cost | (6,983) | (6,214) |
| Company shareholders’ equity | 10,461 | 10,506 |
| Noncontrolling interest in consolidated subsidiaries | 44 | 42 |
| Total shareholders’ equity | 10,505 | 10,548 |
| Total liabilities and shareholders’ equity | 25,010 | 25,587 |
Cash flow
| Consolidated Statements of Cash Flows | 2025 ($ millions) | 2024 ($ millions) | 2023 ($ millions) |
| Cash flows from operating activities: | |||
| Net income | 1,292 | 2,516 | 2,662 |
| Depreciation, depletion, and amortization | 1,136 | 1,079 | 998 |
| Impairments and other charges | 831 | 116 | – |
| Deferred income tax provision | 148 | 23 | 196 |
| Changes in Receivables | (312) | 188 | (257) |
| Changes in Inventories | 147 | 80 | (303) |
| Changes in Accounts payable | (72) | 62 | 49 |
| Other operating activities | 695 | (1,138) | 113 |
| Total cash flows provided by operating activities | 3,865 | 2,926 | 3,458 |
| Cash flows from investing activities: | |||
| Capital expenditures | (1,254) | (1,442) | (1,379) |
| Purchase of an equity investment | (139) | (363) | – |
| Purchase of investment securities | (438) | (202) | (492) |
| Payments to acquire businesses, net of cash | (27) | (185) | (13) |
| Sales of investment securities | 444 | 214 | 131 |
| Proceeds from sales of property, plant, and equipment | 185 | 223 | 195 |
| Sale of an equity investment | 120 | – | – |
| Other investing activities | (16) | (99) | (101) |
| Total cash flows used in investing activities | (1,325) | (1,654) | (1,659) |
| Cash flows from financing activities: | |||
| Stock repurchase program | (1,005) | (1,007) | (800) |
| Dividends to shareholders | (600) | (579) | (576) |
| Payments on long-term borrowings | (389) | (100) | (305) |
| Proceeds from issuance of common stock | 98 | 105 | 136 |
| Other financing activities | (86) | (149) | (126) |
| Total cash flows used in financing activities | (1,987) | (1,730) | (1,671) |
| Effect of exchange rate changes on cash | (127) | (26) | (210) |
| Increase (decrease) in cash and cash equivalents | 426 | (484) | (82) |
| Cash and equivalents at beginning of period | 1,780 | 3,102 | 2,346 |
| Cash and equivalents at end of period | 2,206 | 2,618 | 2,264 |
Board of directors and leadership team
Governance, strategic execution, and fiduciary oversight are maintained by a highly experienced Board of Directors and an executive leadership team dedicated to driving absolute capital efficiency, risk management, and technological expansion.
Executive Leadership Team:
- Jeffrey A. Miller (Age 62): Chairman of the Board, President, and Chief Executive Officer. (Since January 2019).
- Eric J. Carre (Age 59): Executive Vice President and Chief Financial Officer. (Since May 2022). Previously served as Executive Vice President, Global Business Lines.
- Van H. Beckwith (Age 60): Executive Vice President, Secretary, and Chief Legal Officer. (Since December 2020).
- Stephanie S. Holzhauser (Age 46): Senior Vice President and Chief Accounting Officer. (Since July 2025). Previously served as Vice President, Finance.
- Timothy M. McKeon (Age 53): Senior Vice President and Treasurer. (Since January 2022).
- Lawrence J. Pope (Age 57): Executive Vice President and Chief Administrative Officer. (Since January 2026).
- M. Casey Maxwell (Age 44): President, Western Hemisphere. (Since February 2026). Previously served as Senior Vice President, North America Land.
- Jill D. Sharp (Age 55): Senior Vice President, Internal Assurance Services. (Since January 2022).
- J. Shannon Slocum (Age 53): Director, Executive Vice President and Chief Operating Officer. (Since January 2026).
- Rami M. Yassine (Age 46): President, Eastern Hemisphere. (Since January 2026). Previously served as Senior Vice President, Middle East and North Africa.
Board of Directors:
- Jeffrey A. Miller: Chairman of the Board.
- Abdulaziz F. Al Khayyal: Former Director and Senior Vice President of Industrial Relations, Saudi Aramco.
- William E. Albrecht: President and CEO, Moncrief Energy, LLC.
- M. Katherine Banks: Former President, Texas A&M University.
- Alan M. Bennett: Former President and Chief Executive Officer, H&R Block, Inc.
- Earl M. Cummings: Managing Partner, MCM Houston Properties, LLC.
- Murry S. Gerber: Former Executive Chairman of the Board, EQT Corporation.
- Timothy A. Leach: Former Advisor to the Chief Executive Officer, ConocoPhillips; Executive Chairman, First Sonora Bancshares.
- Robert A. Malone: Former President, BP Alaska.
- J. Shannon Slocum: Director, Executive Vice President and Chief Operating Officer.
- Maurice S. Smith: Chairman, President & Chief Executive Officer, Health Care Service Corporation.
- Janet L. Weiss: Former President, BP Alaska.
- Tobi M. Edwards Young: General Counsel, Saronic Technologies.
Subsidiaries, associates, joint ventures
The operational architecture relies on integrated subsidiaries to maintain corporate structuring, manage vast debt portfolios, and execute localized commercial operations.
- Halliburton Operations Finance Company, LLC: Operates as a critical financial subsidiary. This entity serves as a co-borrower, alongside the parent company, on the enterprise’s massive $3.5 billion revolving credit facility established in August 2025.
- DII Industries, LLC: A foundational legacy subsidiary heavily involved in maintaining the corporate and legal structuring of the broader enterprise, particularly regarding long-term legacy debentures and senior indentures dating back to the Dresser Industries acquisition.
Other Investments (Including Minority / Portfolio Holdings)
Strategic capital is actively deployed into select minority holdings and financial instruments to capture emerging opportunities in the power transition space and to manage complex international liquidity requirements.
- VoltaGrid (Strategic Collaboration / Investment): The enterprise has secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028. This investment is directed toward supporting the immense power requirements of data centers in the Eastern Hemisphere, leveraging the organization’s expertise in natural gas to provide behind-the-meter power generation.
- Argentina Equity Investment / Loan: The enterprise executed a series of loans to a third party in Argentina, receiving notes to be repaid in U.S. dollars upon maturity. Due to deteriorating macroeconomic conditions and adverse financial projections for the debtor, the enterprise recorded a loss of $23 million on this investment during the 2025 fiscal year, following a $38 million loss in 2024.
- U.K. Pension Buy-in Insurance Contract: In 2024, the U.K. defined benefit plan executed an annuity buy-in with a third-party insurance company. This contract, treated as a Level 3 fair value asset, effectively covers all benefit payments to members. The fair value of this insurance policy contract was $561 million as of December 31, 2025.
Physical properties
The physical infrastructure footprint is heavily optimized, comprising massive manufacturing hubs, cutting-edge R&D laboratories, technology centers, and regional corporate offices globally. Property, plant, and equipment are valued at a net $5.261 billion, with 42% located within the United States.
- Corporate Executive Offices: 3000 North Sam Houston Parkway East, Houston, Texas 77032.
- Completion and Production Facilities: Major manufacturing and operational hubs located in Arbroath, United Kingdom; Duncan, Oklahoma; Johor Bahru, Malaysia; Jubail, Saudi Arabia; Lafayette, Louisiana; Tulsa, Oklahoma; and Singapore.
- Drilling and Evaluation Facilities: Critical engineering and technology properties located in Alvarado, Texas, and The Woodlands, Texas.
- Shared/Corporate Facilities: Global administrative and support centers spanning Bangalore and Pune, India; Carrollton, Texas; Dhahran, Saudi Arabia; Dubai, United Arab Emirates; Kuala Lumpur, Malaysia; London, England; Panama City, Panama; Rio de Janeiro, Brazil; and Tananger, Norway.
Founders
The foundational lineage of the enterprise traces directly back to 1919. The company was established upon the pioneering well-cementing techniques that revolutionized early oilfield integrity, preventing blowouts and protecting freshwater aquifers. It was subsequently incorporated under the laws of the State of Delaware in 1924, rapidly scaling from a single localized operation relying on a single product offering into a sophisticated, multi-national technology conglomerate.
Investments and capital expenditure plans
Capital allocation is strictly disciplined, prioritizing high-return technological substitution, sustainable infrastructure, and immediate cash returns to shareholders over capacity expansion.
- Capital Expenditures: The enterprise deployed $1.254 billion in capital during 2025. Management successfully executed a strategy to keep capital expenditures at approximately 6% of total revenue, perfectly matching its stated financial target.
- 2026 Capex Target: Expected to be approximately $1.1 billion. Despite this slight reduction, management believes this level of spending will fully enable continued investment in core strategic technologies, including the international expansion of artificial lift, well intervention, and advanced drilling systems.
- Digital Transformation (SAP S4): The organization is heavily investing in migrating its enterprise architecture to SAP S4 to drive massive efficiency benefits. It incurred $154 million in expenses during 2025. Due to an extension of the project timeline, the enterprise anticipates spending approximately $45 million per quarter going forward until the project’s completion in late 2026.
- Research & Development: A massive $411 million was committed to R&D in 2025 to continuously advance proprietary acoustic, nuclear, and automated drilling software capabilities, ensuring the enterprise maintains its technological moat.
Shareholding pattern
The equity base reflects massive institutional ownership and a commitment to continuous capital returns.
- Total Outstanding Shares: As of January 30, 2026, there were 837,548,345 shares of common stock outstanding across 8,906 shareholders of record.
- Share Repurchase Program: The organization aggressively manages its share count. During 2025, it repurchased 42.4 million shares of common stock on the open market for a total cost of $1.008 billion. Approximately $2.0 billion remains authorized for future repurchases under the current program. Since 2006, the enterprise has repurchased approximately 326 million shares for $12.1 billion.
Future strategy
The forward-looking strategic roadmap is hyper-focused on margin expansion, international growth, and dominating the emerging intersection of traditional energy extraction and advanced digital infrastructure.
- Capital Return Framework: A foundational commitment to return at least 50% of annual free cash flow (operating cash flow less capex plus asset sale proceeds) to shareholders via dividends and aggressive share repurchases.
- North American Strategy: Maximizing value by aggressively transitioning to the Zeus IQ electric fracturing platform and utilizing LOGIX automation to squeeze maximum efficiency and profitability out of a moderating domestic rig count. Uneconomic fleets will be actively stacked to protect margins.
- International Expansion: Consistently increasing growth in directional drilling, unconventionals, well intervention, and artificial lift businesses, particularly targeting long-cycle investments in Latin America.
- The “Data Center” Pivot: Capitalizing on the emerging structural demand for natural gas driven by data centers, electrification, and power reliability. The collaboration with VoltaGrid positions the enterprise to directly supply modular natural gas power systems to these massive computational hubs in the Eastern Hemisphere by 2028.
Key strengths
- Financial Resilience and Cash Generation: Generating an impressive $2.926 billion in operating cash flow provides immense liquidity to self-fund operations, massive R&D, execute acquisitions, and aggressively return capital to shareholders without straining the balance sheet.
- Unmatched Completion Technology: The scale and efficiency of the Completion and Production segment, specifically the rapid deployment of lower-emission Zeus electric fracturing fleets, creates a highly defensible economic moat in the most capital-intensive phase of well development.
- Global Scale and Diversification: The ability to execute extraordinarily complex, multi-billion-dollar projects seamlessly across 70+ countries, supported by a highly localized workforce where 91% of employees and 85% of management are on local terms.
- Absolute Capital Discipline: Strict adherence to maintaining capital expenditures at or below 6% of revenue, ensuring maximum free cash flow conversion regardless of commodity price volatility.
Key challenges and risks
- Commodity Price Volatility & Capital Spending: A deeply cyclical reliance on the capital budgets of upstream E&P operators, which are entirely dependent on fluctuating global crude oil and natural gas prices, OPEC+ production quotas, and global macroeconomic conditions.
- Massive Tax Disputes (The IRS NOPA): The enterprise is actively contesting a Notice of Proposed Adjustment (NOPA) from the IRS regarding the $3.5 billion termination fee paid to Baker Hughes in 2016 following a failed merger. The IRS seeks to reclassify 95% of this from an ordinary deduction to a capital loss. If the IRS prevails through appellate and litigation processes, it could result in a massive $640 million cash tax liability (plus interest).
- Cybersecurity Threats: The organization suffered a material cybersecurity incident in August/September 2024 involving an unauthorized third party gaining access to systems and exfiltrating data. This caused operational disruptions and highlights the extreme, ongoing risks posed by sophisticated, AI-driven threat actors targeting critical energy infrastructure.
- Trade Barriers and Tariffs: High exposure to retaliatory tariffs and volatile trade policies. In 2025 alone, new tariffs imposed by the United States created approximately $89 million in incremental expenses for the enterprise.
- Environmental Pressures & Hydraulic Fracturing Bans: Operating massive hydraulic fracturing fleets exposes the enterprise to evolving climate legislation, emissions caps, and potential bans or severe restrictions on specific fluid injection techniques at the local, state, or federal level.
- Foreign Currency & Repatriation Risks: Significant operations in countries with highly inflationary currencies or strict capital controls (e.g., Argentina, Egypt). In 2024, the devaluation of the Egyptian pound caused a $34 million loss, and Blue Chip Swap transactions in Argentina routinely generate multi-million dollar pre-tax losses.
Conclusion and strategic outlook
Halliburton Company concluded the 2025 fiscal year demonstrating profound operational discipline and resilience in a complex, transitioning global energy market. Despite a modest 3% contraction in top-line revenue to $22.184 billion—driven largely by a moderating North American rig count and targeted activity declines in the Middle East—the enterprise successfully protected its margins, generated a massive $2.926 billion in operating cash flow, and decisively returned $1.6 billion directly to its shareholders.
By aggressively pivoting its North American fracturing fleet toward the lower-emission electric Zeus systems and deeply integrating proprietary artificial intelligence into its drilling platforms, the organization is actively decoupling its profitability from pure rig-count dependency. Looking ahead to 2026, the enterprise is impeccably positioned. Armed with a newly executed $3.5 billion revolving credit facility, a strict cap on capital expenditures, and a bold strategic venture supplying modular power to global data centers, Halliburton is actively architecting a highly resilient, high-margin future at the very forefront of the modern energy landscape.
FAQ section
What was the total revenue and net income for the 2025 fiscal year?
The enterprise generated $22.184 billion in total operating revenue and recorded $1.283 billion in net income attributable to the company.
How is the organization adapting to environmental and sustainability pressures?
It has successfully transitioned 50% of its North American fracturing fleet to lower-emission Zeus electric pumps and operates Halliburton Labs to support 38 early-stage clean energy participant companies.
What is the strategic purpose behind the VoltaGrid collaboration?
The collaboration is designed to capitalize on the massive energy demands of artificial intelligence and global electrification. The enterprise has secured manufacturing capacity to deliver 400 megawatts of modular natural gas power systems for data centers by 2028.
How does the enterprise allocate its free cash flow?
Management maintains a strict capital return framework, aiming to return at least 50% of annual free cash flow to shareholders. In 2025, it returned $1.6 billion through $579 million in dividends and $1.008 billion in share repurchases.
What is the status of the IRS dispute regarding the 2016 Baker Hughes termination fee?
The IRS issued a Notice of Proposed Adjustment seeking to reclassify 95% of the $3.5 billion fee from an ordinary deduction to a capital loss. The enterprise is vigorously contesting this, though an adverse ruling could result in approximately $640 million in cash taxes due.
What are the primary business segments and their revenue contributions?
The business operates through two segments: Completion and Production, which generated $12.782 billion, and Drilling and Evaluation, which generated $9.402 billion.
What is the impact of the ongoing SAP S4 migration?
The migration, expected to conclude in Q4 2026, cost $154 million in 2025. It is designed to structurally modernize the global supply chain, though it will require an estimated $45 million per quarter in ongoing project expenses.
Official Site: https://www.halliburton.com/
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
